SPX ~ Intraday 2 ~ 7 November 2012

The SPX broke 1407 earlier today and then immediately sold-off to the support area at 1395:

We're now even a few handles below 1395 but I'd like to see at least an hourly (or daily) close below it before turning medium-term bearish.

S&P 500 ~ Intraday ~ 7 November 2012

The SPX opened lower and is back at the bottom of the range:

Until either 1407 or 1435 breaks, the easiest trade remains to go long at 1407 and short at 1435. If 1407ish gets broken this time though, the next stop should be the support just below 1400.

SPX ~ Intraday ~ 6 November 2012

1430! Even earlier than expected:

S&P 500 ~ Pre-Market ~ 6 November 2012

Elections today - I'm glad when it's finally over...

I slightly changed my medium-term trend: I think as long as we are between 1395 and 1435, we're in neutral territory. If get a break of 1435, I'll turn bullish again and the first target should be the yearly high. Should the SPX breach 1395 though, I'll be bearish again and we could see 1330 next (H&S target (August and November = shoulders, September/October = head)).

SPX ~ End Of Day ~ 5 November 2012

I've already mentioned a few times that the current year matches the average election year very well (which was one of the reasons I was pretty bullish for the end of 2012 (at least until 1430 was broken)).

Today I found an updated version of it in my inbox:

(source)


As you can see, the cycle works still very well despite the decline to 1400.